31 Oct Estimate cost
Mike was hired as a project manager to install hardwood floors for the company Awesome Floor and Tile. They will be installing new flooring into a local office building. Mike comes up with the list of work and estimates the time. A list of activities and their optimistic completion time, the most likely completion time, and the pessimistic completion time (all in days) are estimated in a given table. Following are the activities that are required to install the hardwood floor in the offices:
- Activity 1: Measure office room dimensions
- Activity 2: Estimate cost
- Activity 3: Material requisition
- Activity 4: Workforce requisition
- Activity 5: Special tool requisition
- Activity 6: Installation
- Activity 7: Inspection and customer acceptance
Activity 2 starts immediately after Activity 1.
Activity 3, Activity 4, and Activity 5 start concurrently after Activity 2.
Activity 6 does not start until after Activity 3, Activity 4, and Activity 5 are completed.
The carpet installation project is complete after Activity 7 is completed.
Your assignment is to write a report that addresses the following:
If OT = Optimistic Time, MT = Most Likely Time, and PT = Pessimistic Time, use a Program Evaluation Review Estimate (PERT) to compute the statistical time for each activity, as in the following table:
Activities
OT
MT
PT
Activity 1
2
3
4
Activity 2
3
6
9
Activity 3
4
8
12
Activity 4
6
8
10
Activity 5
8
10
12
Activity 6
10
14
18
Activity 7
4
6
8
You must also do the following:
- Determine and explain the expected completion time and the variance for each activity.
- Determine and explain the total project completion time and the critical path for the project.
- Determine and explain Early Start (ES), Early Finish (EF), Late Start (LS), and slack for each activity.
- What is the probability that this project will be finished in 40 days or less? Explain.
- Define how to gather the project requirements.
- Analyze whether there are any potential changes that could impact overall project schedule and project finishing time.
- Explain the best methods for managing the change requests and what kind of process this project should involve.
- Analyze implications of changes in project scheduling.
- Explain the best methods for managing the change requests and what kind of process this project should involve.
- Evaluate applications of project management techniques in terms of the firm’s business operational goals and requirements.
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